Norwegian banks get ahead of PSD2 curve

Written by Peter Walker

10/08/18

Norwegian banks Sbanken, Sparebanken Vest, and Sparebanken Sogn og Fjordane have joined forces to let customers view accounts from across all three in either’s online banking platform.

The initiative is set to be rolled out well in advance of next autumn’s mandated introduction of the second Payment Services Directive (PSD2), giving the banks a head start in the FinTech-led account aggregation space.

A joint statement from the banks pointed out that if customers are already used to seeing their customer relationships across banks, the entry barrier for foreign players will be significantly higher.

The project was pioneered by the Bergen-based FinTech hub, Finance Innovation. Atle Sivertsen, chief executive of Finance Innovation, said the project partners are in the process of drawing up co-operation agreements that will be extended to other banks who wish to join.

Christoffer Hernæs, chief digital officer at Sbanken, added: “We are already in dialogue with more banks about this, and encourage the rest of the industry to embrace the same mindset; we are open to sharing our data with anyone who wants to take part.”

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